Covid 19

Reliance Industries Announces 50% Pay Cut, Mukesh Ambani To Not Take Any Pay

Mukesh Ambani

India’s Reliance Industries has cut the pay of employees by up to 50% in wake of the coronavirus pandemic as per a company letter.

Mumbai| India’s Reliance Industries has declared an up to 50% salary cut for some top oil-and-gas division employees, reported Reuters on Thursday, as the firm fights lower fuel consumption and profitability due to the COVID-19.

Headed by India’s richest man, Reliance Industries has decided that employees earning more than Rs 15 lakh a year will face a 10% salary cut, while senior executives will take salary cuts ranging from 30% to 50%. Employees earning less than Rs 15 lakh per annum will not see any reduction in their compensation.

“Our Chairman has agreed to forgo his entire compensation,” executive director Hital R Meswani said referring to Asia’s richest man, Mukesh Ambani.

Also Read: Mukesh Ambani Now Asia’s Richest Person, Overtakes Jack Ma

Reliance Industries has also declared a delay in the annual cash bonus and performance-linked incentives, which are normally paid in the first quarter.

Reliance Industries Ltd shares closed 2.86 per cent higher at Rs 1,467.05 on the Bombay Stock Exchange.

The total cases in India surged to 35,043, including 8,888 cured/discharged/migrated and 1,147 deaths as India is in the final days of the 40-day lockdown to curb the spread of COVID-19.

In the past 24 hours, 73 casualties were recorded, highest so far.

A staggering 1,993 new cases of COVID-19 were recorded in the last 24 hours.

The total number of cases in Maharashtra– the worst affected state by the virus, has climbed to 10,498 with 459 deaths.

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Prime Minister Modi Extends Greetings in Marathi on Maharashtra Day

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NCP chief Sharad Pawar and UddhaV Thackeray also extended greetings on the occasion of Maharashtra Day and World’s Labour Day

 

 

MUMBAI| On the occasion of the Maharashtra Day which is also Worlds Labour Day, PM Modi extended wishes of Maharashtra Day through his twitter account on Friday. PM Modi twitted the country is proud of the state’s contribution towards the progress of the nation.

PM Modi twitted in Marathi, His tweet read as, “My best wishes to the brothers and sisters of Maharashtra on the occasion of Maharashtra Day. India is proud of Maharashtra’s significant contribution to the country’s development. I pray for the progress and prosperity of the state in the years to come. Jai Maharashtra!”.

May 1st is also a Gujarat Day following that he also wishes Gujarat State through his twitter account. Modi’s tweet read as, “Happy Gujarat Day to the people of Gujarat”.

The newly chosen CM of Maharashtra Uddhav Thackeray also extended greetings on the occasion of Maharashtra day. “Happy Maharashtra Day and Labour Day to all people of Maharashtra!” Chief Minister’s Office tweeted on Friday morning.

 

Thackeray also paid a courtesy visit to Raj Bhavan on the occasion of Maharashtra Day and met Governor Bhagat Singh Koshyari for around 20 minutes. Thackeray also hosted flag in Mantralaya as Maharashtra completes it’s 60 years of establishment.

National Congress Party Chief Sharad Pawar also wishes the state through his twitter. Coronavirus has affected the Maharashtra state the most. To fight against coronavirus and for the progressive state economy, he wishes unity amongst the people. And extended his greetings on Maharashtra Day and World’s Labour Day.

 

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